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Alba Iulia
Thursday, July 9, 2020

Companies must be kept afloat to create wealth-Chikwanda

Economy Companies must be kept afloat to create wealth-Chikwanda

Finance Minister Alexander Chikwanda addressing accountants during the ZICA annual ball dinner at Zambezi Sun Hotel in Livingstone
Finance Minister Alexander Chikwanda

MINISTER of Finance Alexander Chikwanda says it is in the interest of Government to keep companies afloat and in business for the purpose of wealth creation.

“Investors in Zambia, local or foreign, are partners with the government, so we need to interact and have dialogue on how best their operations can be sustained,” Mr Chikwanda said after visiting the Trident Kalumbila project yesterday.

“When you are sitting in the comfort of your home in Lusaka, you will not appreciate such investment like Trident Kalumbila’s US$2 billion investment,” he said.

Mr Chikwanda said mines have a myriad of problems that Government has taken interest in so as to make them convert challenges into opportunities.

He urged mining firms to be transparent in their operations.

Mr Chikwanda said mineral royalty and other tax matters must be left to Zambia Revenue Authority (ZRA) to handle.

He said that ZRA is a specialised institution able to deal with tax issues of any magnitude and he is positive it will deliver on concerns raised by mining companies on tax.
“Tax is a very specialised field that the media, marketers and other professions should not talk about anyhow,” he said.

And Kalumbila Mine general manager Rudi Badenhorst said the Sentinel Mine will put Zambia at the forefront of global mining technologies.

Mr Badenhorst said the mine will be producing 55 million tonnes of copper concentrate which will go through Kansanshi Mine smelter.

He also said the mine will be producing about 280,000 to 300,000 tonnes per annum.

“At Sentinel, 1,525 employees will be engaged once production starts,” Mr Badenhorst said.

He also said the mine has in the last four years been lobbying for title to its land but to no avail.

Mr Badenhorst said once the title is granted, over 71 companies will come to invest in Zambia and create more jobs.

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  1. (Once the title is granted, over 71 companies will come to invest in Zambia.) Is this not holding the government at Ransom? They are luring the government to give them the title to land. And due to desperation of governments desire to create jobs they will grant them the title, thereafter the same companies starts to exploit our poor miners.!!! Just thinking…

    • And in your “wisdom” you expect somebody to invest in “no-man land” based on Government verbal assurances?
      Definitely, you do not have slightest idea on how investment (local and foreign) works.

    • But even you fool can you start building on a piece of land when you are not sure about getting a title deed? Lets think sometimes before criticizing

    • Please Lungu should retire Mr Chikwanda in national interest. In the 1970s, it was this same Alexander who took the Zambian economy into recession & today, 2015, he is at the helm of plummeting it all over again.

      The Kwacha is currently the worthless currency in the world, the economic conditions are suffocating because of recycled materials who don’t understand the current macroeconomic processes. The only reason is that, the leadership is also visionless & employs those who drink together.
      The fact is that Alexander has miserably failed & should be retired in national interest with immediate effect!
      The Skeleton Key

  2. Yes they may need title deeds as security of tenure before they can invest but we must also start thinking of different ways to assure tenure for foreigners wishing to invest. Long term lease could also serve similar purpose rather than always ceding away huge chunks of large.Let us start learning from others. Why has S.Africa abolished new land ownership by foreigners but assuring potential investors with Long Term Leases? Once foreigners get title to land some become big headed and make locals foreigners on their own land! We need to be careful and start re-looking the whole concept of land ownership vs Foreign Investment. In fact this guy is not even telling us how many and what types of jobs the 71 companies will create for Zambians!We need to start getting facts from these guys!!

  3. Title to the Land?? Mabala iwe, you take out a lease and if I were the the Zambian government I would give you a one year rolling-lease.

    It’s high time we started tightly protecting our natural resources… we should never give in to these thieving and profit-mongers mining companies. It shouldn’t and should never be, that just because a CEO of a named company is a ka white guy, Chinese or Indian… then our Zambian government by default bends the laws.

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